On Monday, February 8, the Chicago-based CME, focused on institutional traders, launched Ethereum futures.
Kicking off this Sunday evening: Ether futures start trading at 6:00 p.m. ET for a first trade date of Feb. 8. https://t.co/vc2hkZf9ql
— CME Group (@CMEGroup) February 7, 2021
The exchange announced the addition of Ethereum futures in December 2020.
The new product trades under the ticker ETH. Among the firms providing liquidity for the futures are BlockFi, Galaxy, Genesis, CoinShares and the New York Digital Investment Group.
According to information on the CME site, settlement is based on the underlying rate of Ethereum to the US dollar. One contract is equivalent to 50 ETH (roughly $81,200 at the time of writing). The futures are cash-settled.
What are Bitcoin futures?
In 2017 the exchange launched trading of futures on the index of the leading cryptocurrency. By the end of 2020, open interest in the instrument reached a record $1.47 billion.
On December 28, trading of Bitcoin futures on CME was paused due to a gap of more than $3,000.
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